$472,034 Against North Global Securities, Inc
A FINRA arbitration panel ordered North Global, North Wealth Management and Asset Management Strategies to pay $472,034 in damages to Martha Campbell, which included $75,000 in punitive damages, $165,211 in attorney’s fees and $3,806 in costs. In arriving at their decision, the panel found that all of the investments were unsuitable for Ms. Campbell in light of her age, retirement, needs and lack of sophistication. They further concluded that by placing their needs and interests above the Claimant’s they committed fraud, gross misconduct, breach of fiduciary duty and gross negligence, among other things. One of the investments involved was a private placement into real estate projects offered by North Global and managed by North Wealth Management, The Land Entitlement and Opportunity Fund.
At the end of the hearing the panel assessed $14,850 in forum fees against the Respondent (FINRA# 09-05650; Martha C. Campbell, personally and on behalf of the Martha C. Campbell Rollover IRA v. Kevin Williams, North Global Securities, Inc., North Wealth Management Company, Asset Management Strategies, LLC, et al.).